Choppy trading around the 100-DMA, failure to retest last week’s lows and O/S daily studies looking to correct are all seen as issues for bears. Layers of resistance are noted in the 3211.5-3255.6 region with bulls now needing a close above 3211.5 to further confirm an easing of bearish pressure and a close above the channel top to end bearish hopes and target 2014 highs. Bears now need a close below 3150.6 to refocus on the 200-DMA.
RES 4: 3255.6 Falling daily channel top
RES 3: 3235.5 21-DMA
RES 2: 3228.9 55-DMA
RES 1: 3211.5 Monthly low June 30 now resistance
PREVIOUS CLOSE: 3202.7
SUP 1: 3150.6 Low July 15
SUP 2: 3129.1 Monthly Low May 7
SUP 3: 3120.1 200-DMA
SUP 4: 3106.7 61.8% Fibonacci 2971.5-3325.5